The US. Treasury Department issues a crypto tax regime and the SEC sus consensus over its metamask service. You’re watching Coin Desk daily, I’m your host, Jen Sani. The US Treasury Department has issued its long awaited tax regime for Cryptocurrency transactions. The rule released on Friday will go into effect starting in 2025. The internal revenue service will require crypto brokers to file 1099 forms like their traditional investment firm cousins, but it set aside related rules for defi and unted wallets as it continues to study 44,000 comments that were sent to the agency. The IRS won’t call for reporting on most routine stablecoin sales and is putting a $600 annual threshold on NFT proceeds before they need to be reported. The US SEC sued consensus on Friday over its meta mask service alleging that meta mask acted as an unregistered securities broker and that its digging service violated securities laws. The suit also targeted Ethereum staking service, Lido and Rocket Pool. The third party platforms. Meta mask uses to power its staking feature. Consensus previously sued the SEC is seeking a court order declaring Ether to not be a security and to end the S ECs investigation into the firm, and Sony is planning to restart the crypto exchange Whale Fin, which it bought from Crypto Lender Amber Group last year. Whin put out a notice that its parent company Amber Japan was rebranding and added that the company was bought by a unit of Sony in August 2023. The financial terms of the deal were not disclosed but the firm said it release on the pr times that Sony plans to restart the crypto exchange soon with a new app. Sony has dabbled in web three through investments and partnerships. The latest deal will mark the tech firms proper foray into crypto. That’s it for coin desk daily. Get more updates on coindesk.com and we’ll see you next time.
